The essays explore how the terms of trade affect emerging countries' economies and how information impacts economic efficiency. The first part shows that when the terms of trade worsen, it leads to lower productivity and investment in these countries. The second part of the study reveals that market power reduces the value of information, causing inefficient fluctuations in the economy. This means that firms may not invest enough in learning about the market, leading to suboptimal decision-making. The findings suggest that market power and information inefficiency can have negative effects on economic outcomes.